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2017 Maryland Code
Corporations and Associations
Title 4 - Close Corporations
Subtitle 5 - Stock Restrictions
§ 4-502. Certain securities and stock options prohibited
Universal Citation: MD Corp & Assn Code § 4-502 (2017)
- A close corporation may not have outstanding any:
- (1) Securities which are convertible into its stock;
- (2) Voting securities other than stock; or
- (3) Options, warrants, or other rights to subscribe for or purchase any of its stock, unless they are nontransferable.
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